SME confidence bounces back

Small businesses bounce back with confidence

Recent research from Novuna Business Finance indicates a resurgence in small business confidence following the new Government's installation. The study, which surveyed 1,000 small business owners, found that 68% are considering new projects for growth, up from 66% earlier this year. Joanna Morris, head of insight at Novuna Business Finance, stated: “After a period of suppressed and muted confidence, signs indicate that the tide is turning.” The report highlights that 35% of UK small businesses anticipate growth in the next quarter, with significant increases in sectors like manufacturing (81%) and IT and telecoms (77%). Additionally, 23% plan to invest in new equipment, marking a four-year high. This renewed optimism is reflected in hiring plans, with 22% looking to expand their workforce.